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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for pten
MICHAEL FILLOON
24 Oct 14 11:52:56
Patterson-UTI hold rating reiterated at Wunderlich. $28.00 PT. http://t.co/0hPRB7RRoo $PTEN #PTEN via @RatingsNetwork http://t.co/4cj2zpSOtN
MICHAEL FILLOON
24 Oct 14 11:52:43
Patterson-UTI PT cut Howard Weil to $38.00 sector outperform http://t.co/v1IYqrQR9s $PTEN #PTEN via @RatingsNetwork http://t.co/4cj2zpSOtN
Stockmarketplaybook
24 Oct 14 11:00:44
Seeking Alpha http://t.co/hxa3KozwNF via @salphatrending $HP $DVN $PTEN $OXY #OIL
FlashRatingsHOT
24 Oct 14 10:45:21
$PTEN has 3 analyst ratings in the last 7 days and 66% are positive. Median target: $36 (47% upside). View: https://t.co/xRfmOox3tw #PTEN
Sleek Money
24 Oct 14 09:40:13
Wunderlich Reiterates Hold Rating for Patterson-UTI Energy $PTEN http://t.co/4X4DeT8rbF
InterCooler
24 Oct 14 09:33:46
Patterson-UTI Energy $PTEN Announces Quarterly Earnings Results, Meets Expectations http://t.co/s3rlpSMb7y
Ticker Report
24 Oct 14 07:14:02
Patterson-UTI Energy Price Target Cut to $38.00 $PTEN http://t.co/25wK8P5X4r
InterCooler
24 Oct 14 07:06:09
Howard Weil Cuts Patterson-UTI Energy Price Target to $38.00 $PTEN http://t.co/HR2fvjs47L
US Banking News
24 Oct 14 06:36:12
Howard Weil Trims Patterson-UTI Energy Target Price to $38.00 $PTEN http://t.co/VVGBPmrXmO
Analyst Ratings
24 Oct 14 06:34:49
Patterson-UTI Energy's PT cut by Howard Weil to $38.00. buy rating. http://t.co/CyMcUbudTX $PTEN #PTEN
US Consumer News
24 Oct 14 06:34:11
Patterson-UTI Energy's PT cut by Howard Weil to $38.00. buy rating. http://t.co/sqeWrnXPkG $PTEN #PTEN
Stephens Inc
24 Oct 14 06:31:25
Morning Brief: Stephens releases research reports on $PKD $PRLB $PTEN $QSII $SFNC $SHOR $SLAB $SN $STC http://t.co/BTpMubiFs0 #SIResearch
Marlen
24 Oct 14 06:14:48
PRICE TARGET CHANGED: Patterson-UTI $PTEN Wunderlich Hold $26 > $28
Peter Smet
24 Oct 14 05:08:01
The #Oil Price Swoon Won’t Stop the #US #Shale Boom http://t.co/rxQDjtSWng #stock pick to play this $PTEN
FonsieTrader
24 Oct 14 04:47:04
Bullish MACD Crossovers 2/3 $GGB $HAL $HES $HZNP $IDTI $ING $JASO $JCP $LGF $LPI $MACK $MS $NFX $NOK $ONNN $PQ $PTEN http://t.co/qVDoY7yvof
US Banking News
24 Oct 14 04:26:50
Patterson-UTI Energy Price Target Raised to $28.00 at Wunderlich $PTEN http://t.co/ChNNEWPq2Y
US Consumer News
24 Oct 14 04:18:48
Patterson-UTI Energy's PT raised by Wunderlich to $28.00. hold rating. http://t.co/CfsetYHkQO $PTEN #PTEN
Analyst Ratings
24 Oct 14 04:12:42
Patterson-UTI Energy's PT raised by Wunderlich to $28.00. hold rating. http://t.co/k5b0q04TGt $PTEN #PTEN
DailyStockPicks
23 Oct 14 22:36:27
During this #Ebola outbreak, $PTEN investors will also want to buy $SMED. They handle medical and hazardous waste http://t.co/vTV3wPBONo
US_proptrader
23 Oct 14 10:17:07
$GST $OREX $PTEN $REXX $ROSE $SONS $TPLM $WPRT $WRES autocharts @ http://t.co/hj7PGeTQk3
Sleek Money
23 Oct 14 10:09:04
Patterson-UTI Energy $PTEN Posts Quarterly Earnings, Hits Estimates http://t.co/GHj03xevvI
shubhankar.c
23 Oct 14 09:55:24
#DiamondOffshore revenue rises on ultra-deepwater #oil #gas #energy #offshore #onshore #drilling $DO $PTEN http://t.co/l4A7kL9Rab @reuters
US Banking News
23 Oct 14 09:53:27
Patterson-UTI Energy $PTEN Posts Quarterly Results http://t.co/VlbEWY6qzy
Penny Stock Secret
23 Oct 14 09:44:21
The Hottest Way to Make Millions From Stock Market.Click HERE http://t.co/SVqoMkrw2z .. $ALSK $GIFI $PTEN
Ticker Report
23 Oct 14 09:44:09
Patterson-UTI Energy $PTEN Posts Quarterly Results http://t.co/8tLPBJHrN4
US_proptrader
23 Oct 14 09:15:52
$ARWR $EOX $EXXI $PTEN $PVA $REXX $SFY $WG $WTI autocharts @ http://t.co/hj7PGeTQk3
Market Int Center
23 Oct 14 07:04:50
Potential Patterson UTI Energy $PTEN Trade Targets 8.03% Return ( http://t.co/1enWYKweB7 )
Seeking Alpha
23 Oct 14 06:55:07
Patterson-UTI Energy (PTEN) Q3 2014 Results - Earnings Call Webcast http://t.co/t9iExoA24J $PTEN
EarningsCast
23 Oct 14 06:51:24
Listen to $PTEN Q3 2014 earnings call - live at 10:00 AM, ondemand after - http://t.co/9tte1jH03N
US Banking News
23 Oct 14 06:08:27
Brokerage Give Consensus Buy Rating to Patterson-UTI Energy $PTEN http://t.co/5Qk0aXFwwv
Stock Moo
23 Oct 14 04:55:13
$pten: Patterson-UTI Energy Reports Financial Results for Three and Nine Months Ended September 30, 2014 http://t.co/rUQJ217nHx
Estimize
23 Oct 14 04:22:46
@TrembFredrick Your estimate for $PTEN Q3 2014 has been scored – http://t.co/AOcaoqQSe6
Estimize
23 Oct 14 04:22:37
@pcdunham $PTEN just reported earnings for Q3 2014 – http://t.co/SJzoZSqxaf
Estimize
23 Oct 14 04:21:52
$PTEN misses the Estimize EPS Consensus by 36c and beats the Estimize Revenue Consensus by $18.04M - http://t.co/uV4jqzqg0h
Estimize
23 Oct 14 04:21:51
$PTEN reports FQ3 earnings of 11c EPS and $845.63M Revs - http://t.co/yBN8JQUaTm
US Banking News
23 Oct 14 03:56:35
Patterson-UTI Energy announces earnings. $0.47 EPS. Meets estimates. $846.00m revenue. http://t.co/vvdPZnl9am $PTEN #PTEN
Stock Moo
23 Oct 14 03:54:59
$pten: Patterson-UTI Energy Reports Financial Results for Three and Nine Months Ended September 30, 2014 http://t.co/QvPSKyOopv
4-traders.com
23 Oct 14 03:45:08
Patterson UTI Energy : -UTI meets 3Q profit forecasts http://t.co/PdEw04yuFU $PTEN
4-traders.com
23 Oct 14 03:45:04
Patterson UTI Energy : Reports Financial Results for Three and Nine Months Ended September 30, 2014 http://t.co/TkwUTnlEKZ $PTEN
Marketwizemedia
23 Oct 14 03:43:30
$PTEN PATTERSON UTI ENERGY : Results of Operations and Financial Condition, Financial Statements and Exhibits http://t.co/viKeTMzxbL
4-traders.com
23 Oct 14 03:40:04
PATTERSON UTI ENERGY : Results of Operations and Financial Condition, Financial Statements and Exhibits (fo... http://t.co/bedVtANlTS $PTEN
NASDAQ
23 Oct 14 03:37:11
$PTEN - Current Report Filing (8-k) http://t.co/HJkkd298Ux
Instrumental Data
23 Oct 14 03:34:59
PATTERSON UTI ENERGY INC $PTEN 8-K now available
MarketCurrents
23 Oct 14 03:17:10
Patterson-UTI Energy EPS in-line, beats on revenue http://t.co/xDEu2jUzXd $PTEN
$Stocknewsalerts
23 Oct 14 03:03:22
$PTEN Patterson-UTI Energy Reports Financial Results for Three and Nine Months Ended September 30, 2014 From our Stock News Alerts App
NASDAQ
23 Oct 14 03:02:17
$PTEN - Patterson-UTI Energy Reports Financial Results for Three and Nine Months Ended September 30, 2014 http://t.co/BkPdH6iA0C
wininstocks2014
23 Oct 14 00:26:49
PTEN 24.99 Stock Charts $PTEN Patterson-UTI Energy Inc. (NASDAQ) Last Updated: 10/23/2014 02:26:48 PTEN Stock http://t.co/825UCeQ3Kh
4-traders.com
22 Oct 14 22:35:18
Patterson UTI Energy : Completes Previously Announced Pressure Pumping Acquisition http://t.co/WYcL9jrOhG $PTEN
Frederick Tremblay
22 Oct 14 21:32:07
Published $PTEN estimate on Estimize: +0.01 EPS and +12.43M Revs compared to Wall Street's consensus. http://t.co/yY27PakL66
Mike Mustafoglu
22 Oct 14 19:47:38
$MWE $MPC $MRO $MMP $NE $OII $OKE $OKS $OXY $PTEN $PXD $QRE $RDC $SLB $SPWR $SU $SUNE $SXL $TSO $VLO $WNR $XOM Bearish Stochastic Cross
				
				
By  +Follow October 4, 2013 8:22AM
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